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Oman unveils $12mln tuna farming project

Oman unveils $12mln tuna farming project

Oman unveils $12mln tuna farming project

Dec 18, 2024

MUSCAT: Oman has unveiled a tuna fattening project using floating cages, an initiative designed to enhance food security and drive economic diversification. Located in Qurayyat, Muscat, the project underscores Oman’s strategic efforts to leverage its maritime resources while aligning with global sustainability standards.

With an investment of $12.22 million and a promising Internal Rate of Return (IRR) of 17.3 per cent, the project aims to meet the growing international demand for high-quality seafood. Utilizing 10 grow-out nets, the innovative aquaculture model ensures optimal conditions for tuna production, positioning Oman as a competitive player in the global fisheries market.

Oman’s fish and seafood sector is forecast to reach $473.7 million in value by 2024, supported by a strong Compound Annual Growth Rate (CAGR) of 5.32 per cent between 2024 and 2029. These figures highlight the sector’s potential to become a vital driver of economic growth and a cornerstone of the country’s non-oil revenue diversification strategy.

The project is being led by Fisheries Development Oman (FDO) in partnership with the Ministry of Commerce, Industry, and Investment Promotion and the Oman Investment Authority. By combining innovation with sustainable practices, the initiative is expected to create new employment opportunities, strengthen local industries, and bolster Oman’s reputation as a leading player in sustainable aquaculture.